Investment Trusts

First State has overhauled the £142m Pacific Assets Trust it recently took over from F&C, selling all but five of the existing stocks.

Private equity positions were the largest positive contributor to the Foreign & Colonial investment trust in the first half of the year, helping to offset the effects of BP's dividend suspension.

J.P. Morgan has raised £104m for its new Global Emerging Markets investment trust.

The Witan investment trust has handed a £120m pan-European mandate to Marathon Asset Management.

INVESTMENT TRUSTS

Neil Gregson is cutting exposure to gold mining stocks in the City Natural Resources High Yield trust as he sees better value in base metal miners.

The manager of the £109m J.P. Morgan Mid Cap investment trust has significantly reduced the fund's gearing on concerns over the UK economic outlook.

Environmental investment specialist Foresight is hoping to raise £40m for the launch of its new Solar VCT.

The board of George Luckraft's Framlington Innovative Growth trust is seeking shareholder approval to change its investment strategy.

INVESTMENT TRUSTS